Innova Captab IPO has been subscribed 11.5x times on Day 3 so far; GMP falls further

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Innova Captab IPO continued to receive good buying interest from investors on Day 3 of the bidding process. The issue was subscribed 1.41 times on Day 1 and ended Day 2 of bidding with 3.65 times subscription.

Innova Captab IPO

Innova Captab raise a total of Rs 570 crore through its initial share sale. The IPO price band has been fixed at Rs 426-448 per share. Investors can bid for a minimum of 33 equity shares and multiples thereof. In total, the pharmaceutical company through the latest issue raised Rs. 570 crore raised, while promoters and other shareholders are selling 55,80,357 equity shares through OFS.

As of 1.15 pm, investors bid for 10,41,26,352 equity shares or 11.47 times on day 3, compared to 90,78,010 equity shares in the block. The three-day bidding for the issue, which began on Thursday, December 21, will end today.

The portion reserved for non-institutional investors (NIIs) was booked 24.43 times, while the retail portion was subscribed 11.43 times. The portion reserved for Qualified Institutional Bidders (QIBs) was booked 1.48 times.

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About Company

Founded in January 2005, Innova Captab is a pharmaceutical company operating in three business segments. It provides contract development and manufacturing services to Indian pharmaceutical companies. It also has a domestic business dealing in branded generics. Further, the company has an international business dealing in branded generics.

The company’s product portfolio includes tablets, capsules, dry syrups, dry powder injections, ointments and liquid medicines. During fiscal 2023 and the three months ended June 30, 2023, the company produced and sold more than 600 types of generics. Innova Captab exported its branded generic products to 20 and 16 countries during the period.

In the gray market, the Innova Captab’s premium has dropped by double digits to around Rs. dropped to 90, which still represents a 20 percent increase. The premium in the informal market was Rs 210-215 before the auction process.

ICICI Securities and JM Financial are the book-running lead managers of the Innova Captab IPO, while Kfin Technologies is the registrar for the issue. Innova Captab has raised Rs 171 crore from anchor investors by allotting 38,16,963 equity shares at a price of Rs 448 per share.

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